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Gold/Mining/Energy : Rubicon Minerals

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To: Joey Two-Cents who started this subject	8/6/2003 12:21:49 PM
From: Enigma	Read Replies (1) of 470

Anglo vesting 60% in j/v: RUBICON MINERALS CORPORATION: ANGLOGOLD VESTS ITS 60% INTEREST IN RUBICON'S RLKV RED LAKE PROPERTIES Rubicon Minerals Corporation has received notification that, having made exploration expenditures exceeding $3.4-million (U.S.) within the earn-in period, AngloGold (Canada) Exploration Company has vested as to a 60-per-cent interest in the RLJV properties, which are located in the Red Lake gold camp of Ontario. "We are pleased to see AngloGold vesting their option well ahead of schedule and look forward to continued exploration of priority targets by this newly created joint venture," stated David Adamson, president and chief executive officer of Rubicon Minerals. AngloGold has until Oct. 28, 2003, to elect to acquire an additional 10-per-cent interest in the RLJV by making a cash payment of $250,000 (U.S.) to Rubicon. Rubicon can elect any time before Nov. 7, 2003, to have its share of costs carried until a positive production decision to place a mine into production has been made by AngloGold at which time Rubicon would be required to pay back its share of joint venture costs at Prime plus three percentage points.

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